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Please Advise / Mentor Young Gun

by bydv
11 replies
I want to start a business, and just need a bit of direction. Please let me briefly introduce myself: I'm a young financial professional who just passed all levels of the CFA exam and a few years ago graduated from a top teir univeristy studying economics. Although I don't dislike my work, the problem is that I'm not passionate about it - you know, that "jump out of bed" feeling - and always dream about building equity into my life by starting a business. At 26, I'm having a mild quarter life crisis where I know I just need to do something different - the corporate ladder climb is not my thing!

I would like to start a side business, but hit a few road bumps: 2 ideas went bust because my "partner" is "too busy" to put in the necessary work (I provide the business development work, they provide the specialized expertise). So, I would like to boot-strap and lone-wolf it, perhaps hiring help on oDesk and other outsourcing platforms when needed.

I'm thinking of selling information (like most people here) related to my field of expertise - financial and economic analysis. I'm thinking of creating and selling ebooks and perhaps lessons.

What do you guys think? Should I lone-wolf it? Is this market saturated? It would be great if someone is kind enough to provide some mentorship as well.

Thanks so much for reading.
#advise #gun #mentor #young
  • Profile picture of the author jenmidas
    You may try to monetize your knowledge at linkedin.
    Build your network by exploring the group
    Build reputation.
    Then offer your expertise
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    • Profile picture of the author taffie
      It's a pity your partner is not taking things seriously, I strongly believe you are the guys who could be killing it in this century because of what you have been exposed to. I must comment you, you are a great thinker! I wish you the best, there is a lot of good information here, I am sure you will make it.
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      Coach | Mentor | Consultant | I work with business owners, marketers, experts, or coaches/ and mentors who want to understand new media or digital marketing better http://tinyurl.com/tdmentorspace
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  • Profile picture of the author talfighel
    Originally Posted by bydv View Post

    I'm thinking of selling information (like most people here) related to my field of expertise - financial and economic analysis. I'm thinking of creating and selling ebooks and perhaps lessons.
    You can do that.

    Why don't you register your own domain name and then build your website around your field of expertise. You can write article. You can create videos. You should also find products that you can promote to your visitors so that you earn some money from affiliate programs that are in your niche.
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  • Profile picture of the author Alex Mensah
    Honestly, if your partner is not committed to the vision then you need to lone wolf it or find another partner. Someone who is half assing it will only drag you back or worse just kill your dream altogether so just cut them loose.
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  • Profile picture of the author dad2four
    BYDV - Listen to me.

    Fact: You can accomlish anything you set your mind to.

    Right now, before you get off track, sit down, and picture a starting point.

    What will it be, an ebook on clickbank with a site promoting it and a network of affiliates?

    Will you following Alexa's business model and guest post on high ranking websites and build a network of eager blog owners waiting for your next article which will deliver traffic to your site where you have an autoresponder building a list which you market to and sell your digital info products?

    No matter what it is, define it as best you can.

    Then build it, Do it!

    Don't stop until you have finished what you picture.

    You will have doubt, you will want to change direction, you will want to buy some magic products that will make it easier. Don't do any of this.

    Jot notes on that stuff that you can come back to after you have finished what you defined in the beginning.

    Then when you get that assembled you can assess what you have put together and decide what's next.

    Do you grow it? Do you sell it and do something else? Do you hire someone to run that so you can build your next income generating system?

    Decide that once you finish building what you define in the beginning.

    Just my .02 :-)

    You won't know what works until you do it. Noone can tell you today, all they can do is guess. There will be cheerleaders and nay sayers, none of them can predict the future.

    Good Luck!
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  • Profile picture of the author Greedy
    What do you guys think? Should I lone-wolf it?
    Yes, there is no reason to share your profits, if you are motivated and just starting out.

    Does he provide a skill you can't afford to pay for?

    That would be the only reason to have a partner.

    Is this market saturated?
    Information products are great. Go for it.

    Regarding "financial and economic analysis", a saturated niche is a good thing because that means there are buyers.

    I would worry if no one is in the niche, because the market isn't buying.

    So yes, I think "financial and economic analysis" is a good niche, I would focus on the "financial."
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    • Profile picture of the author bydv
      Wow, so many great replies, and also people are kind enough to message me - this is the highest quality forum I've joined. Thanks all!
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      • Profile picture of the author glowworm
        Banned
        Get a mentor. It can move you on so fast that it's worth every penny in outlay. Here's something that cost me nothing, and I'm sure he won't mind me mentioning it; Warrior member "HornyDevil" gave me so much excellent advice that it completely turned my world around, and set me on the road to knowledge and success. There are great people on WF. Be lucky.
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        • Profile picture of the author Steve B
          bydv,

          Go for it on your own at this point. Dump your lazy partner and build a business that is yours only.

          Yes, focus on your education and passion.

          Financial and economic analysis may describe in broad strokes what your expertise includes, but that topic is way too general and broad to be called a niche.

          Drill down (way down) and look for sub - sub niches where you can step in and become the Internet authority. Choose a topic where people are asking a lot of questions (for help) and there are not a lot of good answers.

          Your job is not to create desire for a particular product - it's to find a desire that currently exists in the niche and then create or find a product/service that you can offer to those with that pent up desire.

          Remember, you can always expand your niche later on by branching out into related areas. Start with a narrow niche and a hungry crowd and you will be well on your way to carving out a unique business.

          Good luck to you,

          Steve
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          Steve Browne, online business strategies, tips, guidance, and resources
          SteveBrowneDirect

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  • Profile picture of the author Willie Crawford
    When you mentioned business and economics you're speaking
    "sacred language." I think in graphs and curves

    On working alone, remember the phrase "lone wolves often
    starve" but then again, I've had a number of bad partnerships,
    primarily because of partners true qualifications and skill-sets.

    Examine you passions since you DO want to do something
    that you enjoy and get a sense of purpose from.

    Also, look at what your USP would be. You asked about the
    field being over-crowded... but if you can sufficiently differentiate
    yourself in the marketplace.... and in the mind of your idea
    customers, then you have NO real competition. You just don't
    want to be a commodity.

    On mentorship... I offer fairly EXPENSIVE coaching

    Willie
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